SHARE THIS:
GCR Ratings (GCR) has upgraded Family Homes Funds Limited’s national scale long and short-term issuer ratings to A(NG) and A1(NG) from BBB+(NG) and A2(NG); with the Outlook revised to Stable from Positive. Concurrently, GCR has upgraded Family Homes Sukuk Issuance Programme Plc’s NGN10bn Series 1 and NGN20bn Series 2 respectively, with the Outlooks revised to Stable from Positive.
In its report, GCR states that the rating upgrade on FHFL reflects sustained growth trajectory in line with the company’s mandate of financing construction of affordable housing. The ratings also consider FHFL’s access to funding from the Federal Government of Nigeria (FGN) and Development Financial Institutions (DFIs) which support strong capitalisation, liquidity and a good risk profile.
The report further read; ‘’Our assessment of FHFL’s capital and leverage is positive to the ratings underpinned by good internal and external capital flow... Looking ahead, we expect the financial leverage ratio to remain strong over the next 12-18 months premised on continuous support from FGN. FHFL’s risk profile is positive to the rating, supported by sustained zero non-performing loans and credit losses of below 1% over the years. FHFL’s funding and liquidity assessment is positive to the ratings, supported by FGN’s capital grants, long-term capital market funds raised through its NGN30 billion Sukuk issuance programme as well as additional fundings from DFIs.’’
Reacting, the Managing Director of FHFL, Abdul Mutallab Mukhtar said, “We are thrilled by GCR’s recognition of our efforts. This rating upgrade stands as a testament to the hard work and dedication of our team in fulfilling our mandate to provide affordable homes for Nigerian families. It further reflects confidence in our financial stability and operational efficiency. We remain deeply committed to our mission and will continue to build on our strengths to make a lasting impact in the housing sector.’’
Editor’s Note
Family Homes Funds Limited (FHFL) is a Limited Liability Company with initial shareholding by the Federal Ministry of Finance Incorporated and the Nigeria Sovereign Investment Authority. The company aims to reduce Nigeria’s housing deficit by facilitating the development of affordable homes and advancing innovative paths to home ownership. In the process, the Company strives to spur the development of relevant skills, support the industry, and create jobs.
The Federal Government is advancing a strategic partnership with China to accelerate affordable housing delivery and address Nigeria’s growing housing deficit through technology-driven and scalable...
April 28, 2026
On 31 March, the Board of Directors of Family Homes Funds Limited (FHFL), led by the Chairman, Mr. Ademola Adebise, convened its Annual General Meeting (AGM) and Shareholders’ Meeting to review per...
March 31, 2026
The formal ground-breaking ceremony for the student housing development at the Enugu State University of Science and Technology (ESUT) was held on 25 March 2026, marking a significant milestone under...
March 25, 2026
FHFL closed the year by investing in what matters most; people. Beyond delivering physical housing, the Fund reaffirmed its commitment to holistic development through targeted capacity-building initi...
January 20, 2026
Changing Lives, Renewing Hope: 100 Widows Become Homeowners in Kaduna ‘I have come with my bag; me and my four children are sleeping in the new house today!’ - Joy Aminu. Excitement and relief fi...
November 28, 2025
Family Homes Funds Limited (FHFL) has commissioned 100 newly constructed homes for widows under its Social Housing Programme in Rigachikun, Igabi Local Government Area of Kaduna State. The event, whic...
November 05, 2025
On Monday, 7th July 2025, the Honourable Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, conducted an inspection visit to the Renewed Hope City in Karsana, Abuja, a flagship housi...
July 07, 2025
On Tuesday, July 1, 2025, the Executive Management of Post Service Housing Development Limited (PHDL), led by Major General I.A. Allison, MD/CEO, paid a courtesy visit to Family Homes Funds Limited (...
July 04, 2025
On Monday, June 2, 2025, Nigeria's affordable housing sector recorded a major advancement with the signing of a collaboration agreement between the Ministry of Finance Incorporated (MOFI), Family Hom...
June 04, 2025
A joint training workshop organized by Family Homes Funds Limited (FHFL) in collaboration with the Mortgage Bankers Association of Nigeria (MBAN) convened a pivotal stakeholders’ session on Wednesd...
May 16, 2025
On April 26, 2025, Family Homes Funds Limited (FHFL) brought joy to Family Homes Estate in Grand Luvu, Nasarawa, with a generous donation of soccer equipment, sparking excitement among residents. Led...
May 03, 2025
On this day, March 20, 2025, a significant milestone was achieved as the Executive Secretary of the Nigeria Police Trust Fund (NPTF), Mohammed Sheidu, accompanied by members of the management team, v...
March 21, 2025
